Global law firm Norton Rose Fulbright has advised The Republic of Angola on the third of its international bond issuances totalling US$5 billion.
The latest transaction entailed the issuance of US$500 million 30-year bonds to be consolidated and form a single series with Angola’s existing US$1.25 billion 30-year bonds issued in May 2018. The new bonds have been admitted to trading on the regulated market of the London Stock Exchange.
The joint lead managers were Deutsche Bank, Goldman Sachs International and ICBC.
The Norton Rose Fulbright team advising on the transaction was led by London partners Peter Young and Madhavi Gosavi, as well as senior associate Vishal Mawkin and associate Tudor Plapcianu.
Peter Young, debt capital markets partner, Norton Rose Fulbright, commented:
“This is the second 30 year bond issued by Angola in 2018, reflecting the trend of emerging market sovereigns accessing global debt capital markets to achieve long-term international investment and to fulfill strategic development goals. The transaction involved an intraday launch and pricing and, as with Angola’s prior issuances, attracted very strong investor interest, with an oversubscribed order book. Investor interest in sub-Saharan issuances remains strong and we expect this to continue.”
Madhavi Gosavi, finance partner, Norton Rose Fulbright, commented:
“We have a long history of advising the Angolan Government and are pleased to once again assist Angola on another landmark international bond offering.”
This is one of a number of sovereign bond issuances Norton Rose Fulbright’s global debt capital markets practice has advised on, including Angola’s first (US$1.5 billion) international bond issuance in 2015 and second (US$3 billion) bond issued in May 2018.
The firm’s London debt capital markets practice has also advised: the Islamic Republic of Pakistan on a total of US$7 billion sovereign sukuk and Eurobond issuances since 2014; the Kingdom of Bahrain on a total of US$2.6 billion sovereign sukuk and Eurobond issuances since 2016; Canadian sovereign issuers in respect of a total of US$7.5 billion in 2017; and Her Majesty’s Right of Canada on its US$10 billion MTN programme.
